An individual recieved a 70 percent capital interst in a general partnership by contributing the following:

Invesetment land purchased 10 years ago fr $40,000 and valued at $90,000. There was a $50,000 recourse debt on the land that was also transferred to the partnership.

Services to organize the partnership valued at 22,500.

Business inventory purchased nine months ago for $10,000 and valued at $8,000.

The general partner's basis in the partnership after the contribution is: